v3.19.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities    
Net loss $ (10,763,986) $ (7,540,032)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 122,012 108,408
Stock-based compensation 2,447,091 512,120
Change in fair value of contingent consideration 226,290 551,098
Unrealized gain on investments (5,588)
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable (49,186) 473
Prepaid expenses and other current assets 276,994 (2,044,397)
Deferred financing costs 30,000
Accounts payable 1,004,864 (211,858)
Deferred revenue (1,032,539) (1,895,704)
Deferred tax liability 45,178 (440,000)
Accrued expenses and other liabilities (503,417) (830,162)
Other long-term liabilities 79,858 (4,418)
Deposits (85,065) (9,422)
Net Cash Used in Operating Activities (8,237,494) (11,773,894)
Cash Flows from Investing Activities    
Purchase of property and equipment (45,459) (467,251)
Purchase of short-term investments, net (72,993)
Net Cash Used in Investing Activities (118,452) (467,251)
Cash Flows from Financing Activities    
Proceeds from public offering, net of underwriting discounts 20,699,997
Proceeds from the issuance of common stock, net of commissions 18,897 3,573,380
Proceeds from exercise of stock options 2,122
Proceeds from exercise of warrants 4,838,593
Stock issuance costs (2,049,096)
Net Cash Provided by Financing Activities 21,019 27,062,874
Effect of exchange rate changes on cash, cash equivalents and restricted cash 8,882 74,815
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (8,326,045) 14,896,544
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 22,154,251 9,765,359
Cash, Cash Equivalents and Restricted Cash - End of Period $ 13,828,206 $ 24,661,903

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